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<br />E. WHEREAS, the City has retained Ehlers and Associates, Inc., in Roseville, <br />Minnesota ("Ehlers"), as its independent financial advisor for the sale of the Bonds and was <br />therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota <br />Statutes, Section 475.60, Subdivision 2(9) and proposals to purchase the Bonds have been <br />solicited by Ehlers; and <br /> <br />F. WHEREAS, the proposals set forth on Exhibit A attached hereto were received <br />by the Clerk, or designee, at the offices of Ehlers at 10:00 a.m. this same day pursuant to the <br />Terms of Proposal established for the Bonds; and <br /> <br />G. WHEREAS, it is in the best interests ofthe City that the Bonds be issued in book- <br />entry form as hereinafter provided; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council ofthe City of Elk River, <br />Minnesota, as follows: <br /> <br />1. Acceptance of Proposal. The proposal of (the <br />"Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of <br />interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued <br />to settlement, is hereby found, determined and declared to be the most favorable proposal <br />received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Clerk, <br />or designee, in accordance with the Terms of Proposal, is directed to retain the deposit ofthe <br />Purchaser and to forthwith return to the unsuccessful bidders any good faith checks or drafts. <br /> <br />2. Bond Terms. <br /> <br />(a) Original Issue Date; Denominations; Maturities; Term Bond Option. The Bonds <br />shall be dated December 14, 2006, as the date of original issue, be issued forthwith on or after <br />such date in fully registered form, be numbered from R-1 upward in the denomination of $5,000 <br />each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"), <br />and shall mature on February 1 in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br />2008 2018 <br />2009 2019 <br />2010 2020 <br />2011 2021 <br />2012 2022 <br />2013 2023 <br />2014 2024 <br />2015 2025 <br />2016 2026 <br />2017 2027 <br /> <br />As may be requested by the Purchaser, one or more term Bonds may be issued having <br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing <br /> <br />1965783vl <br /> <br />2 <br />